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Unformatted text preview: of deficiency in financial reporting that might be improved through standard setting. The fourth goal is to promote international convergence of accounting standards concurrent with improving the quality of financial reporting. And the fifth goal is to improve common understanding of the nature and purposes of information in financial reports. With that being said, the FASB's mission is important because they set the accounting standards for many different companies. That way, every company is doing their financial accounting the same way. It would be confusing if every company came up with their own accounting methods, which only they understood....
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- Spring '06